Extension without change of a currently approved collection
No
Regular
Approved without change
01/02/2024
11/30/2023
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
01/31/2027
36 Months From Approved
01/31/2024
46,431
0
42,931
249,877
0
223,877
1,000,000
0
1,000,000
This information collection is made necessary by the provisions of the Terrorism Risk Insurance Act of 2002 (the Act), the Terrorism Risk Insurance Extension Act of 2005 (the Extension Act), the Terrorism Risk Insurance Program Reauthorization Act of 2007 (the 2007 Reauthorization Act), the Terrorism Risk Insurance Program Reauthorization Act of 2015 (the 2015 Reauthorization Act), and the Department of Treasury regulations (31 CFR Part 50) (the Program Rules) for their implementation.
On November 26, 2002, the President signed into law the Terrorism Risk Insurance Act of 2002 (Pub. L. 107-297, 116 Stat. 2322) (TRIA or the Act). The Actâs purposes are to address market disruptions, ensure the continued widespread availability and affordability of commercial property and casualty insurance for terrorism risk, and allow for a transition period for the private markets to stabilize and build capacity while preserving state insurance regulation and consumer protections.
TRIA has been reauthorized three times, most recently with the Terrorism Risk Insurance Program Reauthorization Act of 2015 (Pub. L. 114-1, 129 Stat. 3) (2015 Reauthorization Act), which extended the Program through December 31, 2020.
Title I of the Act establishes a temporary federal program of shared public and private compensation for insured commercial property and casualty losses resulting from an act of terrorism. Section 103 of the Act authorizes the Secretary of the Treasury to administer and implement the Program, including the issuance of regulations and procedures. Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Insurance Office assists the Secretary in administering the Program.
PL:
Pub.L. 107 - 297 116
Name of Law: Terrorism Risk Insurance Act of 2002
PL:
Pub.L. 116 - 94 133
Name of Law: Terrorism Risk Insurance Program Reauthorization Act of 2019
There are no substantive changes to the information collections in terms of the types and nature of information sought. There are updated estimates of the number of respondents for certain collections, resulting in an increase of 3,500 responses and 26,000 hours of burden, as well as an updated hourly rate used to calculate labor costs, to account for the most recent information from the Bureau of Labor Statistics.
$0
No
No
No
No
No
No
No
Richard Ifft 202 622-2922
Reginfo record details
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Commercial Property and Casualty Insurers Submission for Federal Share of Compensation